Yoon Sukyeol Wins Presidential Election, Pledges to Deregulate South Korea’s Virtual Asset Industry
Conservative Party candidate Yoon Sukyeol claims victory over a tight battle with Lee Jaemyung, the governing Democratic Party’s candidate.
So how will this presidential election affect South Korea’s virtual asset industry?
President-elect Yoon Sukyeol pledged to promote policies for the promotion of the virtual asset industry that highly appeals to crypto enthusiasts and young adults. It is expected that the virtual asset industry will once again show different progress after he takes office.
One of the policies that he has suggested was to review the 2017 ban on initial coin offerings, with the possibility of reinstating the notorious fundraising course.
“To realize the unlimited potential of the virtual asset market, we must overhaul regulations that are far from reality and unreasonable. We must shift to a negative regulation system to ensure at least the virtual asset market has no worries.”
During the election period, the incoming president advocated for a complete tax exemption of up to 50 million won on virtual asset investment income, endorsed the Basic Digital Asset Act, approved domestic virtual disclosure and Non-Fungible Tokens, and vowed to push the growth of virtual asset market.
Mr. Yoon has further solidified his crypto-friendly policies by stating his wish to help create blockchain tech-related unicorns. His embrace of cryptocurrency is seen as a big step from the previous government’s tight regulation, when a bulk of South Korea’s crypto exchanges shut down to the new regulatory process in late 2021.
Cryptocurrency popularity has increased significantly over the past few years, appealing mostly to young South Koreans. According to reports from local news outlets, there have been more youngsters leaving their day jobs to pursue full-time crypto trading.
Oh Gapsu, president of the Korea Blockchain Association, congratulated the soon to be president and said, “I expect that President-elect Yoon will faithfully fulfill the promise of blockchain and virtual assets promised to the people.” He continued, “We will actively cooperate and communicate with the establishment of policies for protection.”
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